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Wed, Mar 12, 2003

UAL Wants to Stay 'Disorganized' a While Longer

Seeks More Time to File Reorganization Plan

On Monday, UAL asked the bankruptcy court if it could have more time -- another six months -- to file its reorganization plan. That time, if granted, would start ticking on April 8, pushing the formal plan's deadline into October, well beyond any anticipated war with Iraq, and its attendant uncertainty.

Starting after that filing, creditors, already on hold since December 9, could file their arguments, and start the long process of recovering what United owes them -- provided the Court allows it, United can pay it, and the creditors are still in business.

In the meantime, UAL, hampered in one major way (being prohibited from entering forward contracts on fuel) by being in Chapter 11, is working with its unions, to see if there's any more money to be wrung out of them, voluntarily. Days from now, United's option to ask the Court to ashcan all the existing union contracts, will run out.

FMI: www.ual.com

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